NAI Capital Represents Cypress School District in $26.7 Million Acquisition of Multifamily Assets
Irvine, CA, Monday, November 23, 2015– Christopher Arvizu and David Knowlton, CCIM, SIOR, with NAI Capital’s Multifamily Services Group were instrumental in representing the Cypress School District on their acquisition of two multifamily properties totaling 81 Units. The transaction totaled $26.7 million or $329,630 per unit. The source of revenue from this investment is expected support local educational programming for students of the Cypress School District.
Over the past five years the District has worked with the community to determine the best use for underutilized school sites. A community advisory committee, formed in 2011, developed a plan for six surplus property school sites. As part of that plan, two sites were identified for redevelopment and sold: Mackay Elementary School, which had been closed for over three decades, and Dickerson Elementary School that closed in 2009 due to declining enrollment.
The funds for the purchase came from the sale proceeds of the two closed school sites, which totaled over $30.5 million. From that sale the District entered into exchange agreements for two properties.
Coast Apartments is a 65‐unit multifamily property located at 400 Merrimac Way, Costa Mesa CA. Total purchase price $20.05 million. This Pride-of-Ownership property with lush landscaping consists of 3-stories with many exterior and interior upgrades, on-site leasing office, as well as, on-site laundry and parking. Adjacent to Orange Coast College the property is centrally located to many Orange County attractions.
Azure Apartments is a 16-unit apartment building located at 2704 Vanderbilt Lane, Redondo Beach CA. Total purchase price $6.65 million. This is a turn-key asset with an excellent unit mix and on-site parking garage. The property sits minutes away from the South Bay Galleria, as well as, many other South Bay destinations.
Arvizu said, “We were honored to work with the Cypress School District and assist them in realizing their goals of acquiring quality multifamily properties in today’s highly completive market place. With the successful closing of the Coast Apartments and Azure Apartments we believe the District purchased premiere properties in two locations that will be in high demand for many years.”
Cypress School District believes education is a community endeavor and extends its appreciation to the local community for their partnership in making a positive difference for students. It plans to use the net income generated from these properties to support its educational program and provide enriched learning opportunities for students. The remaining funds of the sale and purchase will be used for capital outlay expenses to support the district’s facilities master plan.
“The community will also benefit from the redevelopment of the former Mackay site which includes a 2.9-acre city park and 47 single‐family detached homes. The former Dickerson site will be turned into 68 single‐family detached homes,” added Knowlton.
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com